HAMILTON, Bermuda, Sept. 30, 2026 (GLOBE NEWSWIRE) -- American Overseas Group Limited (BSX: AORE.BH) (Pink Sheets: AOREF.PK) (“AOG” or the “Company”) today reported consolidated net income available to common shareholders of $1.6 million, or $33.60 per diluted share, for the three months ended June 30, 2026. This compares to consolidated net income available to common shareholders of $2.5 million, or $53.51 per diluted share, for the three months ended June 30, 2025. Book value per weighted share at June 30, 2026 was $1,338.04, an increase from the book value per weighted share of $1,139.67 at June 30, 2025.

For the three months ended June 30, 2026, net earned property and casualty premiums decreased $1.3 million from $12.8 million a year ago to $11.5 million.   

Quarter to Date fee income decreased $0.4 million from $5.4 million to $5.0 million and gross written premiums decreased $10.0 million, moving from $260.9 million to $250.9 million. Quarter to Date Loss and loss adjustment expenses as a percentage of earned premium increased from 58.3% to 63.3%.  

For the three months ended June 30, 2026, operating expenses increased $0.2 million from $3.3 million to $3.5 million.

As part of its ongoing capital management efforts, the Company will continue to redirect excess capital within the group to debt reduction. The Company reduced the outstanding principal balance of its 12% Senior Secured Notes by $6.5 million in the first half of 2026, reducing the balance of its 12% Notes to $4.1 million as of June 30, 2026, and reducing total outstanding debt to a balance of $9.4 million as of June 30, 2026. Additionally, the Company retired the remaining outstanding principal balance of its 12% Senior Secured Notes in the 3rd quarter of 2026, reducing total outstanding debt to a balance of $5.3 million, which is comprised of its 9% Series A Senior Secured Notes. The Company expects to take additional steps towards leverage reduction, followed by returned value to shareholders unless more compelling opportunities arise.

Forward-Looking Statements

This release contains statements that may be considered "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, without limitation, the Company's expectations respecting the volatility of its insured portfolio, losses, loss reserves and loss development, the adequacy and availability of its liquidity and capital resources, its current run off strategy, its strategy for writing other reinsurance businesses and its expense reduction measures. These statements are based on current expectations and the current views of the economic and operating environment and are not guarantees of future performance. A number of risks and uncertainties, including economic competitive conditions, could cause actual results to differ materially from those projected in forward-looking statements. The Company's actual results could differ materially from those expressed or implied in the forward-looking statements.

Information About the Company

American Overseas Group Limited is an insurance holding company incorporated in Bermuda and a tax resident of the United Kingdom. Its operating subsidiaries provide specialty property/casualty insurance, reinsurance and insurance management services. More information can be found at www.aoreltd.com.

American Overseas Group Limited

info@aoreltd.com


American Overseas Group Limited 
Consolidated Balance Sheets 
(unaudited) 
As of June 30, 2026 and December 31, 2025 
(dollars in thousands)
 
              
        June 30, 2026  December 31, 2025  
Assets          
              
  Investments:        
   Fixed-maturity securities held as available for sale, at fair value $153,356   $161,312   
   Equity investments held as available for sale, at fair value   1,053    1,041   
  Cash and cash equivalents   54,331    45,140   
  Restricted cash   1,691    843   
  Accrued investment income   1,163    1,135   
  Premiums receivable   212,973    211,993   
  Deferred insurance premiums   320,614    299,720   
  Reinsurance balances receivable, net   491,282    481,444   
  Deferred policy acquisition costs   9,056    9,420   
  Intangible assets   4,800    4,800   
  Goodwill    33,050    33,050   
  Other assets   6,545    5,373   
   Total Assets  $1,289,914   $1,255,271   
              
Liabilities and Equity        
              
 Liabilities:        
  Loss and loss expense reserve  $475,640   $465,401   
  Deferred commission income   6,083    6,481   
  Unearned premiums   332,231    311,073   
  Ceded premium payable   235,087    233,727   
  Payable to general agents   309    459   
  Funds withheld   133,397    133,343   
  Accounts payable and accrued liabilities   30,462    26,472   
  Notes payable   9,360    15,833   
  Non-owned interest in VIE   300    300   
  Interest payable   119    435   
  Deferred tax liability   4,066    3,413   
   Total Liabilities   1,227,054    1,196,937   
              
 Shareholders' Equity:        
  Common shares   4,698    4,698   
  Additional paid-in capital   189,206    189,179   
  Accumulated other comprehensive income (loss)   (2,292)   (1,932)  
  Retained deficit   (128,752)   (133,611)  
   Total Shareholders' Equity   62,860    58,334   
              
   Total Liabilities and Equity  $1,289,914   $1,255,271   
              
  See Notes to June 30, 2026 Consolidated Financial Statements available on American Overseas Group Ltd. Website at www.aoreltd.com 
              



 American Overseas Group Limited 
 Consolidated Statements of Operations 
 (unaudited) 
 (dollars in thousands, except share and per share amounts) 
                 
         Three months ended June 30, Six months ended June 30, 
          2026   2025 2026   2025  
  Revenues           
                 
   Net premiums earned  $11,533  $12,783  $23,263  $26,136  
   Fee income   4,985   5,386   11,596   11,802  
   Net investment income   544   472   1,014   962  
   Net realized gains on investments   -   (6)  (75)  (6) 
   Other income   17   38   21   53  
                 
    Total revenues   17,079   18,673   35,819   38,947  
                 
  Expenses           
   Losses and loss adjustment expenses   7,298   7,455   13,777   14,506  
   Acquisition expenses   3,831   4,052   7,689   8,125  
   Operating expenses   3,519   3,294   7,284   6,415  
   Interest expense   333   578   768   1,157  
                 
    Total expenses   14,981   15,379   29,518   30,203  
                 
                 
 Pre-tax net profit (loss)  $2,098  $3,294  $6,301  $8,744  
   Income tax (expense)   (520)  (780)  (1,442)  (1,977) 
                 
 Net profit (loss) available to common shareholders   1,578   2,514   4,859   6,767  
                 
  Net profit (loss) per common share:          
  Basic    $33.60  $53.51  $103.41  $144.04  
  Diluted     33.60   53.51   103.41   144.04  
                 
  Weighted-average number of common shares outstanding:         
  Basic     46,979   46,979   46,979   46,979  
  Diluted     46,979   46,979   46,979   46,979  
                 
 See Notes to June 30, 2026 Consolidated Financial Statements available on American Overseas Group Ltd. Website at www.aoreltd.com